WASHINGTON -- Technology company Danaher Corp. has announced its intention to separate into two independent, publicly traded companies, a "science and technology growth" entity and a "diversified industrial growth" entity with market-leading positions and strong brand names--including gas station fueling equipment companies Gilbarco and Veeder-Root.
The as-yet-unnamed new company's businesses generated approximately $6 billion in revenues in the most recently completed fiscal year.
The science and technology growth company will include Danaher's existing Life Sciences & Diagnostics and Dental segments, Water Quality and Product Identification platforms and the newly acquired Pall Corp.
The new diversified industrial growth company will have market-leading positions and brands in such areas as test and measurement, retail fueling, telematics and automation. It will comprise Danaher's Test & Measurement Instruments platform including Matco, Gilbarco Veeder-Root, Automation and Sensors, as well as its other Specialty Industrial businesses.
Danaher said it expects the new company, as a smaller, standalone entity, to have an outstanding margin profile and tremendous free cash flow generation allowing it to accelerate its revenue and earnings growth trajectories while providing flexibility in capital deployment.
James A. Lico, currently executive vice president with responsibility for Danaher's Test & Measurement and Gilbarco Veeder-Root businesses, will become president and CEO of the new company upon separation.
Lico was appointed to his current position in September 2005. He joined Danaher in 1996 as vice president of operations of Veeder-Root. Prior to Danaher, Lico held positions in manufacturing with General Motors Corp. and AlliedSignal Inc.
Gilbarco Veeder-Root, Greensboro, N.C., is the worldwide technology leader for gas-station, convenience-store and commercial fueling operations. It offers a broad range of integrated solutions from the forecourt to the convenience store and head office.
Danaher, parent company of Veeder-Root and the Red Jacket brands, acquired Gilbarco in 2002. It acquired Gasboy in 2003.
Washington-based Danaher is a global science and technology innovator in industries including health care, environmental and industrial. In 2014, Danaher generated $19.9 billion in revenue and its market capitalization exceeded $60 billion.